Business

Ondo Residents Lament Lack of Fire Station

Published

6 years ago

January 14, 2019

Ondo Residents Lament Lack of Fire Station

The residents of the Okitipupa Local Government Area of Ondo State have called on the state government to provide a functional fire station in the council area.

The residents under the auspices of the Eminent Elders Forum lamented that the whole local government with thousands of inhabitants lacked a functional fire station.

In a statement issued by the leader of the group, Mr Smiles Igbekele, the EEF noted there had been many incidents of fire outbreaks in the area with many properties being lost, saying if there was a functional fire service, the effect of the inferno would not had been much.

He, however, said the only fire station in the local government was in a moribund condition, calling on the state government to either equip the station or provide a better and functional one.

The group also expressed worry over the indiscriminate siting of petrol and gas stations in some residential areas of the local government.

It described the development as dangerous, appealing to the government to address the problem to avert any possible fire outbreak in the future.

The statement read in part, “The forum discovered that the fire service station located at Ode-Idepe has for the past five years or beyond been left without any vehicle and necessary fire-fighting equipment.

“The forum also expresses fear of imminent danger as sitting of petrol and gas stations in between residential buildings is now on the increase on a daily basis.

“The attention of the concerned authorities is, therefore, called to the issues so raised for prompt action to avert danger now and in the future.”

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

How Public-Private Partnership Projects Attracted $500m Investment – FG

Published

10 hours ago

September 19, 2024

Bassey Marshall

Public-private partnership (PPP) projects appear to be of great benefit to Nigeria, particularly within the last year.

Within this period, these projects have attracted over $500 million worth of investment, according to the Infrastructure Concession Regulatory Commission (ICRC).

The Director-General of the ICRC, Dr. Jobson Ewalefoh made this known during his courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

During the visit, Ewalefoh felicitated with Dr. Tunu-Ojo as the latter was honoured with the PPP Icon Award.

According to him, the $500 million in investments through various PPP projects wouldn’t have been possible without Dr. Tunji-Ojo.

To ensure compliance with statutory requirements, Ewalefoh detailed that the commission will carry out a performance audit of all PPP projects

To him: “We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships.”

Minister Ojo received praise from Dr. Ewalefoh for his efforts in revenue generation and the continuation of abandoned projects.

Ewalefoh revealed that the past year has the highest number of PPP projects presented to the Federal Executive Council (FEC), a development he attributed to the efforts of the Ministry of Interior.

On the other hand, Minister Tunji-Ojo said the government is more focused on fostering private-sector participation.

To him, this will help bridge resource gaps and create a conducive environment for investments.

Key PPP initiatives within the Ministry include the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System, as detailed by the minister.

Minister Ojo signifies that the $500 million investment recorded in the past year is just the beginning of the many benefits of the PPP initiative.

Business

Makinde Moves to Make Ibadan South-West Business Hub With N41bn Ibadan Airport Upgrade

Published

10 hours ago

September 19, 2024

Ugwoke Ogbodo

With a view to making Ibadan, the Oyo State capital the business hub of South West region, Governor Seyi Makinde has officially flagged off the N41bn upgrade of the Ibadan airport, renamed Samuel Ladoke Akintola Airport.

Speaking at the the ground-breaking ceremony for the project held at the airport premises in Ibadan, Makinde said his administration is focused on eradicating poverty in the state saying tye airport is an investment in the future.

Disclosing that the project is expected to be completed within a year, the governor noted that the project has been prioritised by his government since 2019, emphasising his commitment to transforming Ibadan into a regional business hub in the Yoruba region.

The governor stressed that the vision of his administration is fighting poverty and not the poor, admitting that there is hardship in the country of which the project, when completed, would partly contribute in tackling.

Governor Makinde posited that the airline initiative would enhance transportation and attract businesses, tourists, and investors to the region.

For the governor, the upgrade would facilitate modern touch to the airport, of which is essential for connecting the state to the global economy and drawing economic activities to Oyo.

According to him, the airport upgrade will cost N41 billion and that it is expected to enhance air travel operations and provide a reliable transportation network for both business and leisure travelers, positioning the state for economic growth and development.

Meanwhile, the Osun State Governor, Ademola Adeleke, who was the special guest at the event, described Makinde as one who actualises development projects.

He expressed willingness to collaborate with the state to explore mutually beneficial opportunities for both states.

Governor Adeleke reiterated his assurance to completing the 12 years Osun Airport project which his administration inherited, saying it would soon become a reality.

Business

Nigerians Lost ₦42 Billion To POS, Mobile Phone Frauds In 3 Month – Report

Published

21 hours ago

September 19, 2024

Bassey Marshall

The Financial Institutions Training Centre (FITC) has expressed concerns over the increasing cases of fraud in Nigeria.

This is as the institution reveals that it recorded a total of 11,532 fraud cases only in the second quarter of 2024.

In a latest report, FITC revealed that many of these frauds were linked to computers, mobile devices, and point-of-sale (POS) systems.

Also, the report revealed that these frauds did not start now.

It started in 2023 and now, like a deadly plague, it has crawled into the first quarter of 2024.

In the second quarter, the total value of fraud stood at ₦56.3 billion, a significant increase from the ₦34.8 billion reported in the first quarter of the year.

Despite efforts by financial institutions to recover the stolen funds, only ₦13.7 billion was salvaged leaving fraudsters smiling home with a whooping ₦42.6 billion.

When we talk about Mobile fraud, we mean fraud carried out via mobile apps and internet banking.

This fraud scheme accounted for 33.4% of the total cases in the report, making it the largest category.

Fraudsters who operate via POS did not disappoint.

They contributed 24.6% of the cases.

Web-based fraudsters were well represented, holding 16.9% of the total fraud incidents.

Meanwhile, via the report, FITC decried the increase in computer-based fraud as a growing concern.

The report reveals how bank branches counted their losses, with 95% of the total fraud value occurring at the branch level.

Of a truth, there have been many advancements and upgrades in technology.

Yet, fraudsters continue to excel.

We cannot help but blame this on the insiders who betrayed their organizations.

During the quarter in question, 49 employees were dismissed for their involvement in fraudulent activities.

The report also brought to light a new kind of fraud.

It is called fraud by magnitude.

Fraud by magnitude caused bank branches to lose approximately ₦54 billion.

That amount signifies a staggering 95.63% of the overall fraud amount.

Web-based fraud followed closely with losses of ₦1.2 billion (2%).

POS and mobile fraud each contributed around 1%, resulting in ₦651 million and ₦547 million losses, respectively.

On the bright side, there was a 31.8% decline in card-related fraud, but cheque and cash fraud surged significantly.

This rise in cash-related fraud reaffirms that criminals are also updating their skills as the days go by.

The big question is, what is the way forward?

For FITC the use of advanced technology, including artificial intelligence may be worth a shot.

Also, attention must be paid to proactive measures, such as bolstered security systems and continuous training of staff, as critical to reducing fraud.

As detailed in the report, fraudsters have stolen a total of ₦42.6 billion from commercial banks between April and June 2024.